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Rising for the fourth straight day, the rupee climbed 26 paise to a three month high of 69.59 (intraday) due to weakening of dollar against other currencies overseas.
Forex traders said increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency. However, a flat domestic equity market ahead of July-September quarter GDP data release later in the day capped the rupee's gains.
The rupee opened strong at 69.68 against the previous close of 69.85 at the interbank forex market today. It hovered in a range of 69.90 and 69.59 before quoting at 69.82, up 3 paise at 3.40 pm local time.
On Thursday, the rupee had vaulted 77 paise to a three-month high of 69.85 per US dollar. The local unit also gathered momentum due to softening of crude oil prices, which slipped below the $60 per dollar mark, due to concerns over supply glut.
Globally, Brent crude, the international benchmark, was trading 0.42 per cent up at $59.76 per barrel. Meanwhile, on a net basis, foreign funds had bought shares worth Rs 823.47 crore, while DIIs purchased share to the tune of Rs 973.31 crore on Thursday.
Domestic shares turned flat as investors were wary ahead of September quarter GDP data to be released later in the day. The Sensex was up 48.78 points or 0.13 per cent at 36,219.19 and the Nifty up 7.45 points or 0.07 per cent at 10,866.15.
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